Chinese are buying downtown LA's condos

Metropolis is the six-acre mega-project just north of Los Angeles and is developed by Shanghai-based developer Greenland. By the end of this year, Metropolis will be a 38-story condominium tower with 308 homes and an 18-story Hotel Indigo. Ultimately the project will create more than 1,500 for-sale units.

The first tower of Metropolis is already 70% sold but there are concerns. Early concern focuses on the likelihood that residences are being purchased by people from other countries, particularly China, who won’t live in Metropolis full-time.

The worry extends to the overall South Park condo explosion, but real estate experts worry that the community benefits could be muted if there are many “absentee” owners who are buying luxury units.

Metropolis Marketing and Sales Director Sofia Padilla said that 60% of sales to date are from the United States, with the “vast majority” being California buyers. Local brokers, however, say they have not seen that many buyers from Los Angeles, and that sales instead are coming from Chinese. Greenland has a dedicated China sales center for Metropolis. To read the full article, click here.